NH&RA members Bank of America Merrill Lynch and Barings partnered with Ally Financial to invest $70 million towards increasing affordable housing stock in the Charlotte, NC. The $70.75 million investment will go towards:
- $11 million for the newly proposed Housing Opportunity Investment Fund — a private sector fund that will oversee some of the affordable housing projects. The city is hoping to raise $50 million of private money for this fund to match the $50 million in housing bonds that were approved by voters last November.
- $50 million in below-market loans to developers building affordable units, priced at as much as 2 percent below market rate.
- $2.5 million donation for economic mobility programs.
- $7.25 million donation of land in uptown Charlotte to build affordable housing.
NH&RA member Local Initiatives Support Corporation will manage the Housing Opportunity Investment Fund.
